9/29, 11:30 PM (Source: TeleTrader)
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US, EU to cooperate on chip supply, tech trade

The United States and the European Union agreed on Thursday to work together on a number of technology, economic, and trade issues at the first meeting of its Trade and Technology Council. The two sides committed to "the rebalancing of global supply chains in semiconductors with a view to enhancing respective security of supply as well as their respective capacity to design and produce semiconductors." They also intend to work together to improve trade practices and avoid barriers to trade in new and emerging technologies.

The US and EU further decided to maintain investment screening "in order to address risks to national security" as well as to develop "AI systems that are innovative and trustworthy and that respect universal human rights and shared democratic values." The council will next hold a virtual event for stakeholders on October 27.

Breaking the News / DJ